Stocks rallied throughout Friday's session but ultimately closed mixed as investors continued to digest enduring stimulus talks and the final U.S. presidential debate between President Donald Trump and challenger former Vice President Joe Biden. Market benchmarks all ended the week with losses as mixed earnings reports left sentiment vulnerable to volatility surrounding fiscal stimulus headlines. The S&P 500 declined 0.5% for the week, while the Dow and the Nasdaq lost around 1%.
However, there are still signs of economic recovery outside the need for further stimulus in the near-term. Activity in the U.S. service sector increased more than expected in October, according to fresh preliminary data from IHS Markit's October purchasing managers' index (PMI). The index increased to 56.0 for the month, up from September's 54.6 and expectations for it to remain at the same level. This was the highest level the services PMI has registered since February 2019. Moreover, U.S. manufacturing activity was also up the most since early 2019, with its PMI reading 53.3 for October, slightly higher than September's level of 53.2.
Here's how the market closed out for the week:
S&P 500 Index (NYSE: SPY): +0.35% or +11.92 points to 3,465.41
Dow Jones Industrial Average (NYSE: DIA): -0.1% or -28.03 points to 28,335.63
Nasdaq Composite Index (NASDAQ: QQQ): +0.37% or +42.28 points to 11,548.28
For Major Stock News, Dow-component Intel (NASDAQ: INTC) sold off more than 10% on Friday following weaker-than-expected revenue for its data center unit. Gilead Sciences (NASDAQ: GILD) shares soared in early market trading by later pared gains after the drugmaker's remdesivir became the first U.S. Food and Drug Association approved drug to treat hospitalized coronavirus patients.
For Sector Performance, most industries ended Friday's session with positive gains. Communication Services (NYSE: XLC) was the leader, increasing over 1% thought the broader market rally. Energy (NYSE: XLE) was the biggest loser as global coronavirus concerns threatened future demand. However, prospects of an extension of OPEC-led supply curbs kept performance losses low.
For Commodities and Currency, the U.S. Dollar (NYSE: UUP) slightly slipped against other global currencies on Friday, with the dollar index declining 0.1%. The greenback was down about 0.9% for the week as U.S. stimulus talks swayed the currency throughout the week. Gold (NYSE: GLD) prices eased below the $1,900 level after the dollar pared some of its losses on Friday. However, U.S. election uncertainty limited the yellow metal's losses. Spot gold dropped 0.4% to $1,896.84 per ounce, while gold futures fell 0.3% to $1,898.40 per ounce. Crude oil futures also fell as demand concerns loomed over the commodity as coronavirus cases surged in the U.S. and Europe. International benchmark Brent Crude (NYSE: BNO) dropped 1.63% to $41.77 per barrel, while West Texas Intermediate (NYSE: USO) declined 1.94% to $39.85 per barrel.
For the week ahead, a large portion of S&P 500 companies are slated to report quarterly earnings, including Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT). Market uncertainty towards additional stimulus and the nearing U.S. presidential election may bring more volatility as traders look for direction. For Monday, Twilio (NYSE: TWLO) and NXP Semiconductors (NASDAQ: NXPI) are among companies due to report earnings.